Jacob Ogles, email@example.com
A multi-million sale of a prominent building in Burns Court shows the greatest sign of strength in the Downtown Sarasota real estate market. The Dolphin Building, home to businesses including Burns Court Cafe, was sold for $2.685 million last week, Ian Black Real Estate confirms.
“It’s a highly desired market in regards to people wanting to own property,”says Sean Dreznin, a commercial sales associate at Ian Black Real Estate. “There’s not a lot of supply at the moment but there is a great demand for quality assets like this, and there is no shortage of buyers.”
Dreznin says the property, listed for about six months, got more than 30 offers before ultimately being purchased by Folger, LLC. Ian Black Real Estate represented the seller, RT Pineapple Inc. The building includes first-floor retail, which is 100-percent occupied, with second-floor residential space.
The sale, of course, comes as a number of major developments come online downtown. The Sansara condominium tower is located less than a block away, also fronting Pineapple Avenue, while Echelon on Palm has been under construction a street to the west. And The Mark is in the works a little to the north of the Burns Court area.
And Kolter Hospitality on Friday announced the official opening of The Westin Sarasota Hotel. “We are so pleased to be part of the Sarasota community,” said Doug Hope, general manager at the new Westin location.
And all that new construction incites more interest in the existing development already in place. “It seems a lot is coming to fruition between now and over the next 18 months,” Dreznin says.
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